Financial Data and Key Metrics Changes - The company reported a revenue growth of 15% and a net profit growth of 13% for the year, indicating strong performance despite rising costs in raw materials [12] - The gross margin for the company is reported to be around 78-79%, which is considered high in the traditional Chinese medicine industry [12] Business Line Data and Key Metrics Changes - The company has been focusing on research and development, particularly in the area of natural products, although specific new product developments are still in the research phase [2] - The company has established over 400 medical clinics, with plans to increase this number significantly in the coming years, aiming for an additional 100 clinics by 2025 and 300 by 2035 [2] Market Data and Key Metrics Changes - The sales volume of liver disease medication increased from 3.38 million boxes at the end of 2022 to 4.53 million boxes at the end of 2023, indicating strong market demand [8] - The inventory of liver disease medication decreased from 850,000 boxes to 330,000 boxes, raising concerns about potential supply shortages [8] Company Strategy and Development Direction - The company is committed to enhancing its research capabilities and exploring new product lines, particularly in the area of natural ingredients [2] - The management is focused on maintaining a balance between price increases and consumer acceptance, ensuring that product value is reflected in pricing strategies [10] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising raw material costs, particularly the significant increase in the price of natural ingredients like cow bile [4] - The management emphasized the importance of maintaining a sustainable growth trajectory while addressing shareholder concerns regarding profitability and pricing strategies [12] Other Important Information - The company is exploring the possibility of establishing a long-term share buyback program, potentially allocating 5-10% of annual profits for this purpose [12] - There are ongoing discussions about the potential for snake farming as a sustainable source of raw materials, although regulatory challenges exist [11] Q&A Session Summary Question: Inquiry about R&D and product development - The management confirmed ongoing research in natural products but stated that no new product launches are imminent [2] Question: Expansion plans for medical clinics - The management outlined plans to increase the number of medical clinics significantly over the next few years, with specific targets set for 2025, 2030, and 2035 [2] Question: Concerns about declining gross margin - A shareholder expressed concerns about the decline in gross margin from 85% to 75% over the past decade, attributing it to rising raw material costs [3][4] Question: Pricing strategy and inventory concerns - A shareholder raised concerns about the sustainability of sales growth given the significant reduction in inventory levels, suggesting a need for preventive pricing strategies [8] Question: Snake farming and regulatory issues - The management acknowledged the potential for snake farming but noted existing regulatory challenges that need to be addressed [11] Question: Share buyback proposal - A shareholder proposed establishing a long-term share buyback program, which the management acknowledged as a sensitive topic but indicated ongoing consideration [12]

九州通 年度暨 年第一季度业绩暨现金分红 23 24 原文 240517_ 2024年05月20日11:06 发言人1 00:00 尊敬的各位股东，各位投资人，大家上午好。 发言人1 00:04 非常欢迎大家参加九州通2023年度及2024年第一季度业绩与现金分红说明会。 发言人1 00:12 本次会议采用网络形式与大家进行互动交流。 发言人1 00:17 我是主持这人董事会秘书刘志峰。 发言人1 00:21 现场出席本次会议的公司领导有，董事长刘长云先生、总经理贺威先生。 发言人1 00:31 财务总监夏小逸先生，投资者关系副总经理，全名女士。 ...

Financial Data and Key Indicators Changes - In 2023, the company achieved operating revenue of 6.723 billion, a year-on-year decrease of 30.26% [22] - The total profit was negative 111.718 million, a year-on-year decrease of 104.28% [23] - The net profit attributable to the parent company was negative 233 million, a year-on-year decrease of 606.53% [23] - The company's net profit after deducting non-recurring gains and losses was negative 520 million, with operating cash flow at negative 495 million [25] Business Line Data and Key Indicators Changes - The company’s three main business segments are: - **Self-developed Software Products**: Achieved operating revenue of 1.637 billion, a year-on-year increase of 2.61%, with an average gross margin of 75.08%, up 3.87 percentage points [26] - **Industry Solutions**: Achieved operating revenue of 3.451 billion, a year-on-year decrease of 40.41%, with an average gross margin of 9.66%, down 0.08 percentage points [27] - **Service Business**: Achieved operating revenue of 1.6 billion, a year-on-year decrease of 28.05%, with an average gross margin of 55.44%, down 3.07 percentage points [27] Market Data and Key Indicators Changes - The company’s market presence includes key sectors such as government, taxation, discipline inspection, finance, customs, electricity, emergency services, energy, transportation, water conservancy, and public security [20] Company Strategy and Development Direction - The company focuses on basic software and high-tech core application solutions, aiming to become the strongest and most optimal domestic basic software group with international influence [8] - The company plans to achieve operating revenue of 6 billion in 2024, with cost expenses controlled within a reasonable range [10][11] - The company emphasizes the importance of optimizing business layout and structural adjustments to enhance core competitiveness [7] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by a tightening external market environment and internal strategic adjustments, but noted positive outcomes from focusing on basic software and high-tech core application solutions [18] - The management expressed commitment to enhancing the company's capabilities and ensuring steady improvement in efficiency and profitability [10] Other Important Information - The company has invested over 8 billion in research and development over the past five years, focusing on large computing platforms, industry applications, and major system engineering projects [34][35] Q&A Session Summary Question: What technical breakthroughs have been made in the operating system products of the subsidiary Kirin Software? - Kirin Software has developed multiple innovative products, including the Galaxy Kirin server operating system and the desktop operating system, recognized as one of the top ten central enterprise national treasures in 2023 [34] Question: How is the market promotion situation? - The Galaxy Kirin operating system has ranked first in China's Linux market share for 12 consecutive years according to statistics from CCID Consulting [34] Question: Can you elaborate on the areas of R&D investment over the past five years? - R&D investments have focused on enhancing core product competitiveness, providing new industry information solutions for key sectors, and improving overall service levels through major engineering projects [35] Question: What is the progress of the private placement announced on February 26? - The private placement has been approved by China Electronics and passed the company’s shareholders' meeting, pending approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission [36]

Financial Data and Key Metrics Changes - The company expects net profit from Ha Dong Zhuang to reach 200 million this year, with a significant increase from 50 million in the first quarter compared to 22 million in the same period last year, indicating a doubling of performance [2][4]. - The projected performance for 2025 is expected to reach 700 million, with potential increases in net profit if the shareholding ratio in Ha Dong Zhuang is raised [3][15]. - The company anticipates achieving over 500 million in combined revenue this year, up from nearly 400 million last year [10][11]. Business Line Data and Key Metrics Changes - The main helium fan production facility is expected to generate 360 million in revenue and 60 million in net profit next year [10]. - The company has secured a large order volume for electric pumps, with a full delivery schedule until 2028, and has 18 high-temperature gas-cooled reactor orders [9]. - The market share for the main welding fan is projected to reach 76%, with a bid amount of 644 million [9]. Market Data and Key Metrics Changes - The nuclear power industry is experiencing a significant increase in domestic production, with a planned capacity of 400 million kilowatts by 2060, up from the current 50 million kilowatts, indicating an eightfold growth [7]. - The combined capacity for wind and solar power is currently 1 billion kilowatts, with a projected increase to 5 billion kilowatts by 2060, indicating a fivefold growth [7]. - The company is also expanding its presence in overseas markets, such as the construction of the Hualong One project in Pakistan, showcasing the advantages of Chinese manufacturing [7]. Company Strategy and Development Direction - The company is focusing on both organic and external growth strategies, with an emphasis on capital operations [1]. - There is potential for more quality assets to be merged and listed under Jiadian Co., which serves as the A-share listing platform for the electric group [1]. Management Comments on Operating Environment and Future Outlook - The management highlighted the increasing prosperity of the nuclear power industry, with excess approvals from the past two years contributing to this year's performance [11]. - The company expects continued high growth in performance for 2026 and beyond, driven by the nuclear power sector's expansion [6]. Other Important Information - The company has invested 273 million in establishing an industrial investment project, which is expected to produce six main welding fans and 570 motors annually [9]. - The core product of the company is explosion-proof motors, primarily used in flammable and explosive environments [13]. Q&A Session Summary Question: What are the expectations for the nuclear power industry? - The nuclear power industry is expected to see significant growth, with a planned increase in installed capacity to 400 million kilowatts by 2060, reflecting a strong upward trend in demand [7]. Question: How does the company plan to achieve its revenue targets? - The company plans to achieve its revenue targets through the successful delivery of main helium fans and electric pumps, alongside strategic investments in production capacity [10][9]. Question: What is the outlook for the company's international projects? - The company is optimistic about its international projects, particularly in Pakistan, which demonstrate the competitive advantages of Chinese manufacturing in the global market [7].

Financial Data and Key Metrics Changes - The company reported a significant increase in energy density, achieving 285 Wh/kg for its NCM batteries, which is higher than competitors [37] - The overall system energy density is reported at 280 Wh/kg, with a maximum range of 1000 km on a single charge [66] - The company has improved its fast charging capabilities, achieving 60% energy recovery within just 6 minutes [85] Business Line Data and Key Metrics Changes - The new all-solid-state battery, named Gemstone, has been successfully produced, showcasing improved performance metrics [86] - The company has reduced the number of components in its battery systems by 30%, enhancing assembly efficiency [3] - The fast charging cycle has been optimized, allowing for 80% charge in just 10 minutes [34] Market Data and Key Metrics Changes - The global automotive market is projected to reach 80 million units by 2024, with significant growth in the electric vehicle segment [35] - The penetration rate of new energy vehicles in China is expected to reach 35% by 2030, indicating a strong market demand [35] Company Strategy and Development Direction - The company is focusing on enhancing battery safety and performance, with a strategic emphasis on all-solid-state technology [86] - There is a commitment to reducing costs by 16% through the elimination of low-voltage wiring harnesses [40] - The company aims to meet European battery passport regulations, indicating a proactive approach to compliance and sustainability [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of electric vehicles, highlighting the importance of fast charging and high energy density in meeting consumer demands [51] - The company is optimistic about its growth trajectory, driven by advancements in battery technology and increasing market demand for electric vehicles [63] Other Important Information - The company has achieved a 150% improvement in liquid absorption capacity, enhancing battery performance [15] - The electrolyte's performance has been significantly improved, with a 30-50% enhancement in conductivity [17] Q&A Session Summary Question: What are the key advantages of the new all-solid-state battery? - The all-solid-state battery offers significantly improved energy density and performance metrics, making it a competitive product in the market [86] Question: How does the company plan to address the growing demand for electric vehicles? - The company is focusing on enhancing fast charging capabilities and energy density to meet the increasing consumer demand for electric vehicles [51][63] Question: What steps is the company taking to ensure compliance with new regulations? - The company is actively working to meet European battery passport regulations, which will enhance its market position and sustainability efforts [40]

Financial Data and Key Metrics Changes - The report highlights the significant growth potential of synthetic biology, particularly in pharmaceuticals, chemicals, and energy sectors, driven by technological advancements and policy support [2][3][16]. Business Line Data and Key Metrics Changes - Synthetic biology is noted for its ability to enhance the production pathways of chiral drugs and natural products, offering efficient and cost-effective solutions [20][16]. - The industry is witnessing advancements in fermentation technology, which is crucial for the industrialization of synthetic biological products [12][18]. Market Data and Key Metrics Changes - The global market for biofuels is projected to exceed $120 billion by 2024, with an annual growth rate of 5.4% from 2021 to 2030, indicating a strong demand for sustainable energy solutions [28][30]. - The report emphasizes the increasing market share of biofuels in North America, Brazil, and Europe, while noting the potential for expansion in China [30][32]. Company Strategy and Development Direction - The focus is on the development of upstream enabling technologies such as DNA synthesis and high-throughput testing, which are critical for the growth of synthetic biology [2][3][12]. - Companies like川宁生物, 华恒生物, and 凯赛生物 are highlighted as key players with significant growth potential in the synthetic biology space [2][3][16]. Management Comments on Operating Environment and Future Outlook - Management emphasizes the importance of policy support in driving the development of synthetic biology, with governments worldwide actively promoting biotechnological advancements [16][20]. - The report suggests that synthetic biology will play a crucial role in addressing environmental challenges and reducing reliance on fossil fuels [16][28]. Other Important Information - The report identifies risks such as slower-than-expected industrialization progress, fluctuations in raw material costs, and increased market competition as potential challenges for the industry [2][3][16]. - The advancements in AI technology are noted to accelerate the implementation of next-generation fermentation technologies [2][3][12]. Q&A Session Summary Question: What are the key applications of synthetic biology in pharmaceuticals? - Synthetic biology is crucial for the production of chiral drugs and natural products, providing efficient and environmentally friendly production methods [20][16]. Question: How does synthetic biology contribute to environmental sustainability? - The industry offers alternatives to traditional petrochemical processes, significantly reducing carbon emissions and promoting the use of renewable resources [16][28]. Question: What are the growth prospects for biofuels in the coming years? - The biofuel market is expected to grow significantly, with projections indicating a market size exceeding $120 billion by 2024, driven by increasing demand for sustainable energy [28][30].

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 电力设备海外需求持续旺盛，逆变器二季度 2024年 05月 13日 出货拐点确认 证券分析师 曾朵红 增持（维持） 执业证书：S0600516080001 021-60199793 [ [TT aa bb lel _e S_ uT ma mg a] r y] zengdh@dwzq.com.cn 投资要点 ◼ 电气设备6716上涨2.54%，表现强于大盘。风电涨3.75%，发电设备涨3.69%，锂电池涨2.94%， 证券分析师 阮巧燕 电气设备涨2.54%，光伏涨2.15%，核电涨1.96%，发电及电网涨1.24%,新能源汽车涨1.16%。涨幅 前五为湘潭电化、电科院、蓝海华腾、合纵科技、积成电子；跌幅前五为坚瑞沃能、易世达、首航 执业证书：S0600517120002 节能、ST天成、北汽蓝谷。 ◼ 行业层面：储能：4月储能市场招中标6.6/3.3GWh，同比减3/53%，1-4月储能招中标27.1/10.6GWh， 021-60199793 同比增14.9/+12%；美国：德州现货电价在5月8日7点前飙升至3000+美元/Wh，与前一晚32美元 ...

证券研究报告·行业研究·汽车与零部件 AI+汽车智能化系列之四—— FSD入华或加速车企淘汰赛进程 证券分析师：黄细里 执业证书编号：S0600520010001 联系邮箱： huangxl@dwzq.com.cn 联系电话：021-60199793 2024年5月13日 投资要点 ...

Financial Data and Key Indicator Changes - The global data center market size grew by 10% year-on-year to $67.93 billion in 2021, with China's market growing at a compound annual growth rate (CAGR) of 30.78% from 2017 to 2021, reaching approximately 150 billion yuan [13][12] - China's copper processing material production in 2023 reached 20.85 million tons, a year-on-year increase of 2.96% [21] Business Line Data and Key Indicator Changes - Data center copper demand is primarily concentrated in power distribution equipment (75%), grounding and interconnection (22%), and HVAC (3%) [39] - The production of copper foil in China increased from 620,000 tons in 2021 to 890,000 tons in 2023, with a CAGR of 19.81% [35] Market Data and Key Indicator Changes - The number of global 5G base stations reached 5.17 million by the end of 2023, with China accounting for 65% of this total [18] - The demand for PCB copper in new 5G base stations is projected to be 56,000 tons globally by 2026 [4] Company Strategy and Development Direction and Industry Competition - The rise of AI and high-performance computing is reshaping data processing and transmission, leading to increased copper demand in data centers and 5G base stations [10][8] - The domestic production capacity for copper strip products is gradually meeting market demand, but high-end products still require technological breakthroughs [2][30] Management's Comments on the Operating Environment and Future Outlook - The AI-driven demand for data centers and 5G infrastructure is expected to maintain a tight balance between copper supply and demand, with long-term growth in copper consumption anticipated [4][5] - The company emphasizes the need for high-end copper alloy materials and the importance of technological advancements in meeting future demand [5][2] Other Important Information - The net import of copper foil in China decreased to 39,200 tons in 2023, indicating a trend towards self-sufficiency in copper processing materials [39] - The average import price of electronic copper foil in China was significantly higher than the export price, highlighting the need for further development in high-end copper products [39] Q&A Session Summary Question: What are the growth prospects for the AI and data center sectors? - The global AI market is expected to grow at a CAGR of 58% from 2022 to 2027, reaching approximately $400 billion, which will drive demand for copper in data centers [8] - The introduction of high-performance AI servers will significantly increase the power requirements and copper usage in data centers [49]

证券研究报告 光伏产业链磨底企稳，胶膜行业盈利拐点初现 ——光伏胶膜行业深度报告 行业评级：看好 2024年5月12日 ...